As an active trader, Mick Yanoschak always looks for the opportunity to take control of his money, including his retirement savings. With the Checkbook Individual 401 k plan, also known as the Solo 401k, Mick was able to take control of his retirement account and direct all the investments himself.
Checkbook Individual 401 k: High Contribution Limit
Mick’s favorite feature of the Solo 401k plan is that it allows him and his wife to make large contributions to the plan. The Solo 401k limit is one of the highest among qualified plan, reaching up to $59,000 per year as of 2015 and 2016.
With that, investors can quickly accumulate sufficient funds for their investment. The high contribution limits also allow investors to take advantage of the tax benefits available to them.
“The Checkbook Control Puts Me in the Driver’s Seat”
As the name suggests, the Checkbook Control feature allows Mick to invest as simply as writing a check. “I don’t have to go through anyone else”, Mick said, “It kind of puts me in the driver’s seat”.
Many other investors recommend the Checkbook Individual 401 k plan for the same reason. As active traders, the hassle of going through a custodian can be costly in terms of transactional costs and fees. The delay may also force investors to miss out on time-sensitive deals. For Mick and many other investors, the Checkbook Control feature is essential for them to invest successfully.
“A lot of people that could benefit from the Solo 401k don’t realize that it is even available to them”, Mick said. He would recommend other investors to look into available options and take control of their retirement future. He also recommends the service provided by Sense Financial, who helped him set up the account within a day to meet the Solo 401k deadline.
For many investors or small business owners, the idea of self-directing their retirement savings may seem out of reach. However, with the Checkbook Individual 401 k plan, it is possible for the plan participant to be in the driver’s seat. For more information on how you can take control of your retirement funds, call us today to schedule a free consultation with one of our retirement planning expert.